Description
Learn the necessary considerations to define, execute, and implement an appropriate succession plan for a client.
Whether a business owner is ready or not to move on, the manner to effectuate a successful transfer is based on a similar identifiable process. This topic provides an outline of the considerations necessary to define, execute, and implement an appropriate succession plan for a client.
The process begins with a discussion of the transferors motivations when transferring property, whether by choice or due to unforeseen events, what to have in place in the event of a desired transfer or a forced transfer, how to value the business for transfer, and concludes with an examination of the critical tax rules implicated by the transfer.
Lastly, the method of transfer can be affected by a number of factors. We will discuss which type of transfer works best in which situations, how to assure the business owner and their family can financially and personally weather the transfer, and what the estate planning and tax consequences are of a properly or improperly executed succession plan.
Date: 2023-05-03 Start Time: 1:00 PM ET End Time: 2:05 PM ET
Learning Objectives
* You will be able to identify what information is necessary when a client is considering transferring business interest.
* You will be able to discuss what to prepare or have ready if a transfer occurs by unforeseen events (death or disability).
* You will be able to describe different types of valuations and how they affect a transfer understand when and why to engage in a valuation of the business.
* You will be able to explain how to assess applicable tax rules for transfers and the financial implications of the transfer.